Bengo4.com, Inc. · TSE:6027
Bengo4.com — Q2 FY3/2027 Earnings Presentation
77 slides from Bengo4.com's earnings presentation, Nov 11, 2026
Slide 1: FY3/2027 Q2 Results
FY3/2027 Q2 RESULTS Bengo4.com, Inc. November 11, 2026 Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
Slide 2: Social background behind the rapid adoption of LegalBrain Agent
Social background behind the rapid adoption of LegalBrain Agent Why is LegalBrain Agent so rapidly across Japan? Shortage of lawyers l Each lawyer serves approx. 260 people in the U.S., compared with approx. 2,600 in Japan. (Number of lawyers: 1.32 million in the U.S. vs. 48,037 in Japan) l Over 60%
Slide 3: Achieved ARR of 1.0 billion yen at a pace exceeding the initial internal target
Achieved ARR of 1.0 billion yen at a pace exceeding the initial internal target Fastest among major SaaS products of ARR 1.0 Japanese listed companies * billion yen 1,000 17.3 months since the launch on May 23, 2025 June 29, 2026 Unified Legal AI Agent 1.0 Upgrade billion yen ARR achieved 500 May 23
Slide 4: Global Legal AI Companies
Global Legal AI Companies The global legal AI market is expanding rapidly, with companies valued at approx. 40x ARR. In Japan, the legal AI market is also expanding rapidly due to LegalBrain Agent. • Established in November 2022 • Established in May 2023 • Providing legal-specialized AI agents • Pro
Slide 5: Competitive Advantages of LegalBrain Agent
Competitive Advantages of LegalBrain Agent Is the entry of global legal AI into Japan a to LegalBrain Agent? Customers use LegalBrain Agent concurrently l Global players target major Japanese law firms that handle cross-border cases l Major law firms are already using LegalBrain Agent concurrently l
Slide 6: Future Potential of LegalBrain Agent
Future Potential of LegalBrain Agent Could LegalBrain Agent become a business with or more in net sales? Lawyers in Japan: 48,000 l 48,000 lawyers × 500 thousand yen *1 × 12 months = 300 billion yen l If opposing counsel uses AI, the need for you to use it as well increases Businesses with a Legal D
Slide 7: Accelerating Expansion into the High-Potential Corporate Legal Affairs Market
Accelerating Expansion into the High-Potential Corporate Legal Affairs Market In addition to acquiring targets centered on the lawyer market, we will accelerate our expansion into the higher- potential corporate legal affairs market. ARR 1.0 billion yen Companies without a legal department BUSINESS
Slide 8: FY3/2027 Q2 Results
FY3/2027 Q2 Results 7
Slide 9: FY3/2027 Q2 Consolidated Financial Results Highlights
FY3/2027 Q2 Consolidated Financial Results Highlights (April - September) Net sales increased 27.4% YoY, and EBITDA increased 32.8 % YoY All key figures exceeded the planned targets. Net Sales 9,888 million yen ー YoY +27.4 % EBITDA 2,039 million yen ー YoY +32.8 % Operating Profit 1,414 million yen ー
Slide 10: Quarterly trend in Net Sales
Quarterly trend in Net Sales Q2 Net Sales achieved high growth of +27.4% YoY Progress rate of 48.2% against the full-year Net Sales forecast of 20.5 billion yen, exceeding the planned pace （Mil. Yen） 5,050 5,000 4,838 Strong sales of LegalBrain Agent 433 BUSINESS LAWYERS and others 337 Zeirishi.com
Slide 11: Quarterly trend in ARR
Quarterly trend in ARR Company-wide ARR is 17.13 billion yen, YoY +29.6% ARR l With the addition of Bengoshi Hoken Mikata's ARR, Bengoshi.com and others' ARR is YoY +43.8% Bengoshi.com and others YoY 17.13 l CloudSign's ARR is YoY +21.7% billion yen +43.8% 17.13 (billion yen) 16.32 16.0 14.59 Bengos
Slide 12: Quarterly trend in SGA
Quarterly trend in SGA In Q2, expenses increased due to the new consolidation of Bengo4.com Legal Finance, Inc. For existing businesses, we executed disciplined investments while improving productivity. （Mil. Yen） 3,264 3,200 3,136 Other Expenses 2,952 516 Amortization of goodwill and other 518 Rent
Slide 13: Quarterly trend in Operating Profits
Quarterly trend in Operating Profits In Q2, we achieved record quarterly operating profit of 716 million yen Continued to exceed the plan. 47.2% progress against the full-year operating profit forecast of 3.0 billion yen Balance upfront investment for future growth and productivity improvement. （Mil
Slide 14: LegalBrain
LEGALBRAIN 13
Slide 15: LegalBrain initiative
LegalBrain initiative Lawyer database Lawyer Practice Database of legal precedents database Dispute Case Judge database database Legal Public consultation Prosecutor Q&A database Legal Contract profession book database database Strengthen development M&A also utilized capabilities by hiring engineer
Slide 16: What we hope to accomplish through LegalBrain
What we hope to accomplish through LegalBrain " " Empowering Japanese society through legal services LAWYER BUSINESS CONSUMER 15
Slide 17: LegalBrain Agent evolves into Japan's first Unified Legal AI Agent
LegalBrain Agent evolves into Japan's first Unified Legal AI Agent By integrating data from Japanese laws, precedents, guidelines, and specialized legal books, and through iterative dialogue, it becomes possible to advance legal tasks ranging from issue examination to research, analysis, and the dra
Slide 18: LegalBrain Agent Integrates with Claude and Microsoft Copilot
LegalBrain Agent Integrates with Claude and Microsoft Copilot Started integration with the widely adopted Claude and Copilot Enabling users to obtain research results based on Japanese laws, precedents, guidelines, and specialized legal books with citations directly from the Claude and Copilot inter
Slide 19: Nagashima Ohno & Tsunematsu Adopts LegalBrain
Nagashima Ohno & Tsunematsu Adopts LegalBrain Nagashima Ohno & Tsunematsu, a leading law firm in Japan, has adopted LegalBrain Agent across the entire firm, from its lawyers to its paralegals and other staff. 18
Slide 20: New Guidelines Published on Legal AI and Article 72 of the Attorneys Act
New Guidelines Published on Legal AI and Article 72 of the Attorneys Act On August 21, 2026, the Ministry of Justice published guidelines on Article 72 of the Attorneys Act. The criteria for determining legality have been clarified, creating an environment in which AI services can be actively deploy
Slide 21: Legal Domain TAM
Legal Domain TAM Users of LegalBrain Agent include the lawyer market and contract-related market, as well as the corporate legal affairs market. Expected to gain widespread adoption not merely as a tool but as a service that replaces labor costs. Corporate legal affairs / Contract-related market Fin
Slide 22: Business Overview
Business Overview 21
Slide 23: CloudSign
CLOUDSIGN 22
Slide 24: CloudSign: Trend in Net Sales
Trend in Net Sales For Q2, new MRR and new acquisitions reached record highs Net Sales Trend in Net Sales Spot sales: Introduction support consulting, etc. 2,606 Variable sales: Number of paying companies × Number of contracts 2,508 sent per company × Price per contract sent 2,383 Recurring sales Fi
Slide 25: Trend in the number of contracts
Trend in the number of contracts (The number of contracts sent bearing an electronic signature and a timestamp) The number of contracts sent exceeded 3.18 million in the quarter. Network effects of Trend in the Number of Contracts by Quarter electronic contract service 3,246 3,230 3,180 (1,000 contr
Slide 26: Bengoshi.com
BENGOSHI.COM Bengoshi means lawyer 25
Slide 27: Bengoshi.com: Trend in Net Sales
Trend in Net Sales Sales of BengoKakumei are strong, benefiting from the tailwind of the digitalization of civil court procedures. Trend in Net Sales ■ Bengoshi.com career etc. Career change support service focusing on lawyers and （Mil. Yen） Bengoshi.com career etc. corporate legal affairs. 1,600 Le
Slide 28: Trend in the Number of Registered Lawyers
Trend in the Number of Registered Lawyers The number of registered lawyers reached 33,374, accounting for a 70% share of lawyers in Japan. Accelerated sales of Hanreihisho and BengoKakumei drove an increase in paid registered lawyers. Number of lawyers Share of Japanese Number of Registered Lawyers
Slide 29: Total support for lawyers from every aspect
Total support for lawyers from every aspect Creating synergies by strengthening collaboration between services Marketing domain Business Support Domain Consumers Consultation LAWYER Resolving cost-related concerns for consumers Promoting collaboration between products through legal finance Pursuing
Slide 30: Zeirishi.com
ZEIRISHI.COM Zeirishi means tax accountant 29
Slide 31: Zeirishi.com
Zeirishi.com Approximately 800,000 monthly site visitors, one of Japan's largest tax consultation portal sites 1. Tax Accountant introduction service • Registered tax accountants: 7,587. From among them, experienced tax coordinators introduce the best tax accountant for the client 2. Tax Consultatio
Slide 32: Zeirishi.com: Trend in Net Sales
Trend in Net Sales Net sales reached record highs, and the average contract price remained at a high level. After changes in listing ad operations, operations stabilized and the number of YoY contracts trended upward. 39.0 % + Trend in Net Sales 460 426 （Mil. Yen） 415 400 382 356 347 322 329 326 331
Slide 33: Business Lawyers
BUSINESS LAWYERS 32
Slide 34: Business Lawyers
Business Lawyers Approx. monthly site visitors 430k, one of Japan's largest corporate legal portal sites 1. Registered lawyers explain the latest legal amendments and precedents • Lawyers belonging to Nishimura & Asahi, Mori Hamada & Matsumoto, Nagashima Ohno & Tsunematsu, Anderson Mori & Tomotsune,
Slide 35: Business Lawyers: Quarterly trend in ARR
Quarterly trend in ARR Significant increase in ARR due to the growth of LegalBrain Agent Quarterly trend in ARR 1,139 ■ LegalBrain Agent, etc. Full- （Mil. Yen） scale contribution of LegalBrain 1000 Agent sales 659 529 540 500 439 425 403 359 379 309 336 273 287 246 194 213 142 166 0 Q1 Q2 Q3 Q4 Q1 Q
Slide 36: Corporate Topics
Corporate Topics 35
Slide 37: Bengo4.com PARADIGM 2026 user conference
Bengo4.com PARADIGM 2026 Bengo4.com's first user conference Held "Bengo4.com PARADIGM 2026" In addition to talk programs discussing the future of each business and talk sessions featuring guests active on the front lines of the industry, we set up booths where attendees could experience Bengo4.com p
Slide 38: BUSINESS LAWYERS AWARD 2026
BUSINESS LAWYERS AWARD 2026 Honoring Lawyers Driving Business and Social Change “BUSINESS LAWYERS AWARD 2026” Held From a total of 626 entries, Lawyer Naohiro Furukawa (ABEJA, Inc.) from the Advanced Technology category was selected for the Grand Prix. In addition, the best award winners were determ
Slide 39: Appendix
APPE NDIX © Bengo4.com, Inc. 2026 38 Appendix
Slide 40: Summary for FY3/2027 Q2
Summary for FY3/2027 Q2 *EBITDA = Operating Profit + Depreciation and amortization + Goodwill amortization +Stock-based compensation expense + Equity gains (losses) of affiliated companies （Mil. Yen） FY3/2027 Q2 FY3/2026 Q2 FY3/2026 Q2 FY3/2027 Q1 FY3/2027 Q1 Actual Actual YoY Actual QoQ Net Sales 5
Slide 41: Balance sheet
Balance sheet （Mil. Yen） FY3/2027 Q2 FY3/2027 Q1 QoQ Current Assets 8,079 7,627 +452 Cash and equivalents 4,513 4,193 +320 Fixed Assets 8,912 8,946 -34 Total Assets 16,991 16,573 +417 Current Liabilities 4,280 4,029 +250 Fixed Liabilities 4,669 4,928 -259 Net Assets 8,042 7,615 +427 Capital-to-Asset
Slide 42: Corporate Profile
Corporate Profile Name Bengo4.com, Inc. Place 4-1-4 Roppongi, Minato-ku, Tokyo Date of 4th Jul., 2005 establishment Motoe Representative Taichiro Motoe Director Employees Consolidated: 758, Non-consolidated: 679 (As of September 30, 2026) Group LIC CO., Ltd companies Bengo4.com Legal Finance, Inc. M
Slide 43: Vision and Mission
VISION・MISSION VISION Drive a paradigm shift for the better world. Be the Professional-Tech Company. MISSION Do what only professionals can do. Contribute to society using professional knowledge and technologies. 42
Slide 44: Board Members
Board Members Representative Director, President and CEO Taichiro Motoe Outside Director Katsuya Uenoyama Joined Anderson Mori & Tomotsune Foreign Law Joint Enterprise and subsequently Representative Director of PKSHA Technology Inc. founded Authense Law Office. Worked for a major foreign-affiliated
Slide 45: Corporate History
Corporate History Bengo4.com Legal Finance Inc.* 2026 Mikata Micro Insurance Co., Ltd. joined the Group AI business Released “LegalBrain Agent” to support legal research work 2025 Transferred to the Tokyo Stock Exchange Prime Market Bengo Kakumei Inc., a Provider of Digital Case 2024 Recordkeeping T
Slide 46: Bengoshi.com
BENGOSHI.COM Bengoshi means lawyer 45
Slide 47: Social background of legal consulting services in Japan
Social background of legal consulting services in Japan Approximately 11.11 million people (13.9%) have experienced some form of legal trouble in a year The percentage of people who actually consult a lawyer is 26.5% Reasons for not consulting include "concerns over costs" 34.7%, and "it is not a se
Slide 48: Background of lawyer's business in Japan
Background of lawyer’s business in Japan Due to judicial system reforms since 2000, including lifting of ban on advertisements, liberalization of fees, and implementation of the first new bar examination, The lawyer industry is undergoing major changes. Number of Lawyers in Japan (people) 70,000 63,
Slide 49: Market Environment of the Legal Services Industry in Japan
Market Environment of the Legal Services Industry in Japan The legal services industry has been growing since 2000 due to progress in the development of new customers, as marketing needs for lawyers grow together with the increase in the actual number of lawyers. Legal services market size 25.6 mill
Slide 50: Value proposition of Bengoshi.com
Value proposition of Bengoshi.com A web-based platform for consumers and lawyers, to realize “familiar legal service”. Provides information and services about free legal consulting and detailed information about lawyers for consumers. Consumers Lawyers Hesitate to seek Want to reach out to Support f
Slide 51: Why Bengoshi.com?
Why Bengoshi.com? Approximately 6.18 million monthly site visitors, one of Japan's largest free legal consultation portals 1. Free internet legal consultation answered by lawyers • An overwhelming database with a total number of approximately 1.5 million legal consultation cases 2. Extensive lawyer
Slide 52: Services Bengoshi.com provides
Services of Bengoshi.com provides Provides each kind of contents according to seriousness of issues users have. Targets Contents provided Benefit for users Consumers who have urgent Profound profile data of lawyers and detailed search List of lawyers matters and are willing to seek options thanks to
Slide 53: Overview of marketing support service for lawyers
Overview of “marketing support service for lawyers” A marketing support service for lawyers, which helps them acquire clients • The number of visitors to the site has exceeded 6 million. • Acquiring potential clients efficiently based on the focus area of each lawyer Price 20,000 yen or more per mon
Slide 54: Overview of research support service for lawyers
Overview of “research support service for lawyers” Making lawyer legal research more comfortable • Monthly subscription service for law books • "Book browsing" "research service" functions can be used while working from home Price 9,000yen per month Number of books Over 4,600 books Participating 47
Slide 55: Precedents database with the largest share in the industry
Overview of “research support service for lawyers” Precedents database with by far the largest share in the industry • The usage rate of the precedents search service by lawyers is 95%. • Hanreihisho in particular is used by all judges and prosecutors, and is the dominant service among the three ele
Slide 56: Overview of Services for Lawyers (Business Support)
Overview of Services for Lawyers (Business Support) Digital document organization tool developed by lawyers for lawyers • It supports transition of lawyers’ practice style to one that makes efficient use of digitalized documents. • Empowering Lawyers with the Power of Digital x AI • It supports the
Slide 57: Growth Cycle of Bengoshi.com
Growth Cycle of — Bengoshi.com Increased DB draws more visitors, Due to user-generated content, consultation posts and lawyer responses automatically increase daily A growth cycle where the expanded DB attracts more visitors, and the DB of registered lawyers also expands to meet the inquiries from t
Slide 58: CloudSign
CLOUDSIGN 57
Slide 59: Overview of CloudSign
Overview of CloudSign Cloud-based e-contracting service from contract conclusion to contract management. Upload a completed contract that has been negotiated and approved by the other party, and the contract is concluded. The recipient of the document does not need to be registered with CloudSign. U
Slide 60: Usage Image
Usage Image Sender Upload PDF documents Enter Destination Document preparation Send Receiver Sender Receiver Receive by mail Contract confirmation Final step after conclusion of agreement and agreement The signed documents will be automatically e-mailed to the sender and receiver. (It is automatical
Slide 61: Documents used for CloudSign (examples)
Documents used for CloudSign (examples) Human Resources Sales Leases Employment contract Sales Contract Building Lease Agreement Working conditions notice Land purchase agreement Land Lease Agreement Offer of employment Building Sales Contract Parking Lot Rental Agreement Employment agreement Real e
Slide 62: Benefits of CloudSign
Benefits of CloudSign Speed up process Reduce cost Strengthening of compliance With CloudSign, contract signing Shipping cost, paper cost,printer No more losing/missing paper or process will be shorten by 1-2 ink cost, and stamp tax will no altering of contract. weeks, which boosts up upside of long
Slide 63: Price of CloudSign
Price of CloudSign Free Light Corporate Enterprise Fixed fee 0 JPY/Month Fixed fee 11,000 JPY/Month Fixed fee 28,000 JPY/Month Fixed fee To be inquired Pay- per-use 0 JPY/Sending Pay- per-use 220 JPY/Sending Pay- per-use 220 JPY/Sending Pay- per-use 220 JPY/Sending Plan contents Plan contents Plan c
Slide 64: CloudSign introduction in different industries
CloudSign introduction in different industries Banks, securities, insurance and other financials IT services, information, telecommunications, human resources and media Construction / Real estate Transportation equipment, food, chemical, pharmaceutical, and other manufacturing 三菱地所 Transport / Logis
Slide 65: Why CloudSign?
Why CloudSign? 1. Cloud contracting service offered by Bengoshi.com • Our Company, which has a deep understanding and knowledge of Japanese law, provides legally reliable products under the supervision of a lawyer. 2. Product development in line with Japanese business practices • In order to expand
Slide 66: CloudSign services
CloudSign services Conclusion of Automatic a contract conversion to data CloudSign Kanri CloudSign scan It facilitates contract management operations with It handles the process from scanning contract AI, which automatically identifies the counterparty documents to storing documents and to the contr
Slide 67: Business Lawyers
BUSINESS LAWYERS 66
Slide 68: Business Lawyers Library fee structure
Business Lawyers Library fee structure Business Lawyers Library, an all-you-can-read book service for corporate legal affairs. Light plan Standard plan Enterprise plan Enables an individual to conduct A standard plan that includes education Includes compliance training minimum research about legal a
Slide 69: Status of introduction of Business Lawyers Library
Status of introduction of “ BUSINESS LAWYERS LIBRARY ” From the website of "BUSINESS LAWYERS LIBRARY” The service is used by mainly leading law offices and large companies. https://services.businesslawyers.jp/lib/about/ 68
Slide 70: Advertisements on the websites
Advertisements on the websites Advertising sales on the "Bengoshi.com" and "Zeirishi.com" websites, as well as advertising sales associated with the Business Lawyers conference. Website Conference Advertisements 69
Slide 71: Sustainability
SUS —FAINA © Bengo4.com, Inc. 2026 70
Slide 72: Basic Policy on Sustainability
Basic Policy on Sustainability Going forward, we will work together with all Three Viewpoints stakeholders to drive the creation of a sustainable society, by facing the resolution of social issues from three perspectives, 01 For General and empowering society. 02 For Professional 03 For Enterprise G
Slide 73: Material Issue Map
Material Issue Map Importance to society Access to and use of expert knowledge Response to Information security climate change and protection of privacy Advancing DX services and improving productivity Strengthening corporate Diversity and governance inclusion Training and Corporate ethics creation
Slide 74: Risk Information
© Bengo4.com, Inc. 2026 73
Slide 75: Risk Information 1
Risk Information 1_ Risks identified as having the potential to materially impact future growth Degree of Item Major Risks Possibility/Timing Influence Countermeasure Business Environment Rapid changes that we do not anticipate, and delays in responding to such changes, Medium/Medium Responding by d
Slide 76: Risk Information 2
Risk Information 2_ Risks identified as having the potential to materially impact future growth Degree of Item Major Risks Possibility/Timing Influence Countermeasure The Group will use a variety of As the Group expands its business in the future, it will need to continually recruit and recruiting m
Slide 77: Warning
WARNING This document is meant for explaining the company’s business itself and doesn’t mean any inducement or persuasion for buying stocks or/and bonds of the company. This document include descriptions about prospects for future which are based on information available as of today, and actual situ